美国SPAC上市运作与交易指南

Core Insights - The SPAC market in the US is thriving, with 57 SPACs and a total IPO fundraising of $9.7 billion in 2024 [2] - In the first half of the year, 52 SPACs went public, an increase of 40 compared to the same period last year, with fundraising reaching $9.4 billion, a significant year-on-year increase of 338.60% [2] - Emerging industries such as renewable energy, automotive technology, and cross-border supply chains are becoming hot sectors for SPAC listings [2] Group 1: SPAC Overview - SPAC stands for Special Purpose Acquisition Company, serving as a fast track for companies to go public through a reverse merger [2] - SPACs typically have a cash pool raised through IPOs to acquire a functioning company within a specified timeframe, usually 24 months [5][6] - SPACs often target specific industries for acquisitions, and the acquired company must be publicly disclosed and approved by SPAC shareholders [7][8] Group 2: SPAC Trading Phases - Most SPACs start trading at $10 per share, resembling low-volatility bonds with a constant valuation [11] - Upon announcing an acquisition target, SPACs experience increased volatility and trading volume, as the market begins to price in the associated risks and returns [12] - The trading of the newly merged company often sees significant volatility, with average daily high/low fluctuations exceeding 10% in the first week post-merger [13] Group 3: SPAC Performance - For investors holding SPACs throughout their lifecycle, the average performance remains relatively stable, with an average return of approximately 20% six months post-transition to an operating company [16]